3.
3
Executive Summary
India has an evolving landscape in terms of mobile payments. With most of Indian population still being
unbaked or underserved, there lies a huge opportunity in terms of tapping the potential pertaining to non
cash based payments landscape. The most proficient way that has been identified in the recent past is via
mobile phones, with high proliferation of mobile phones, tapping the Indian consumer base has become a
bit easier through the telecom companies. But this is easier when we look forward towards bringing the
unbanked under the banking umbrella and valid for P2P payments system. The propensity of Indian
consumer to adapt to this payment system is a proof of the concept that Indian consumers are have an
alacrity towards reverse innovation products.
Taking a step ahead from P2P payments i.e. considering mobile wallets as one of the payment instruments
for future the prime need for such kind of payments instruments to be successful a good infrastructure is
needed which can facilitate the mobile wallet usage. Though, to an extent the infrastructural needs are
sufficed via an overwhelming proliferation of smart phones. But this does not come to completion just at
the consumers end in India but the merchant’s infrastructure and the central bank regulations govern a lot
of developments in the payments industry. For example cash out from mobile wallets is not allowed by the
regulator except in case of P2P payments. In additions the money movement can be done in the wallet
with a bank at the backend for high value transactions. These banking correspondents which provide a P2P
transfer need to have an escrow account where the money can be parked.
But over and above all this come the consumer readiness to adapt to mobile payments; which is quite low
in case of mobile wallets but in case of P2P payments it’s high in India. Even the readiness to adapt to IMPS
has seen a significant growth in past few quarters, for which data is available.
It is also seen that in India amongst the category of Smart Phone users the people who use apps are quite
low only 8% of the people are considered to appers, which means they download apps and actually use
them for their convenience. This is indicative of the fact that why mobile wallets, which are mostly mobile
app based have not taken off to a flying start in Indian market unlike the US counterpart. But at the same
time there is not denial to the fact that there is a huge growth potential in this segment, and what is the
most important need is customer education towards usage of such payment applications.
In addition the mobile wallet usage viability in brick and mortar stores in India till date is low due to poor
infrastructure at the merchants end. Also, there is no advantage to the merchant to diversify for mobile
payments i.e. in terms of interchange money, had it been lower the readiness to adopt to mobile wallets
would have been higher because merchants operate on wafer thin margins and for them a reduction in
interchange money for mobile wallets would promote the growth and proliferation.
The research also covers the current products in the market and their consumer base along with the
average revenue that they garner from a single user.

4.
4
Mobile Payments: A Snapshot
Mobile payments are in evolution phase in the Indian subcontinent. Even a cursory study of the
fragmented services offered in this market indicates that Indian mobile payments gateway market has
huge potential for vendors that can offer holistic, end-to-end services at reasonable prices. Most of the
banks offer extremely basic services without allowing a seamless buying experience online or in-store.
They are also not focused on allowing multiple accounts(credit cards, cash cards etc.) to be linked as a
single repository or wallet to the customer mobile payment solution. Also, looking forward we may see
further differentiation among the mobile payment offerings that are currently in the market with the
adoption of telco or handset based paying models with the application of NFC or cloud-based wallets such
as ISIS or Google wallet that are already prevalent in developed western markets. Perhaps, the reticence of
global banks such as Citibank and HSBC to participate at this point of time despite having carried out trials
can be conjectured as just the lull before the storm.
Some of the key areas of mobile payments :
 person to person (P2P)
 Mobile e-commerce (m-commerce)
 Mobile payments at the point of sale (POS)

5.
5
Mobile Wallet Value chain Network
The factors which are to be taken into consideration while going for a product based on micro-location
mobile wallet are
 Consumer Readiness to adopt
 Environment & Infrastructure Opportunities & Challenges
 Financial Services
 Mobile Commerce Collaborations for Indian Landscape
 RBI Regulations
Understating the Indian Consumer:
The prime factors that come to the foreground in Indian context are Convenience, Security and Financial
Inclusion
Key Factors to be considered for Launching a micro-location based payments product
Comparative Consumer Readiness to adopt mobile payments in India
Mobile Payments Readiness Index
• Frequency of a customer to pay for a merchandise in a store using his mobile device
• Willingness to use mobile device to browse internet and purchase
Consumer Readiness to Adopt
• Percentage of individuals (city-wise) where we plan to launch the product; using
internet
• Mobile phone subscriptions
• Smart phone ownership
Environment & Infrastructure Opportunities & Challenges
• Financial cards in circulation in India
• Transactions growth for cards, POS, mPOS, mWallet etc.
Financial Services
• Telco Bank partnerships in India to promote m-commerce
• Scale of involvement by govt. institutions
Mobile Commerce Collaborations for Indian Landscape
• Legal framework for prepaid instruments authorized by the central banker
RBI Regulations

6.
6
This index takes into account the factors taking into account the above five factors globally. The survey
depicted below measures the readiness for mobile payments worldwide on a scale of 100. It is also a
depiction of familiarly with frequent usage.
Source: MasterCard Research
The normal curve displays mobile payments as least and most popular method for payments. Here an
index score of 60 is an indicator of the fact that the market is mature enough in order to absorb mobile
wallet technology and above that there may be a decline. For India it comes to around 31.5, which comes
in the (µ-α range) range of 34% (approx) market maturity level when compared to the average market

7.
7
maturity index of 60. Though this stat is way below developing nations as Kenya where M-Pesa has
become one of the most popular means of mobile money transfer. It has also led to thriving of
eCommerce through usage of mobile
The score of India on the readiness for mobile payments came on the basis of infrastructure support viz.
 India’s annual investment in telecommunications of $69.7B gives it a leading spot in Infrastructure
 Consumers in India have not yet fully embraced mobile payments
 14% of Indian consumers are familiar with both P2P and m-commerce transactions, and 10% are
familiar with POS transactions
 The per capita internet consumption is also low
 Intellectual property protection scores are low which fall in the regulations vertical
India’s overall readiness for mobile payments falls in the middle of the pack. In order to better position
itself for mobile payments, India will need to focus on furthering partnerships between banks and telcos,
strengthening its overall environment to be more amenable to mobile payments, and engaging with
consumers to highlight the benefits mobile payments can provide in both the short and long term.
Environment & Infrastructure
The key factors contributing to the environment in case of mobile payments in India are
 Mobile phone penetration
 The percentage of population using mobile internet (2G/3G)
 Smartphone penetration for facilitation of usage of mobile wallets
in India
 Penetration of banking services, which are required for a mobile
wallet operation
Looking at the Banking scenario in India, environment is one of the important factors that needs to be
considered because as per RBI guidelines there has to be a bank or a banking correspondent behind every
transaction exceeding beyond INR10,000. In addition for loading of cash into the wallets, there may be a
M Commerce Collaborations
Environment
Infrastructure
Consumer Readiness
C
Financial Services
C
Regulations
C
Teledensity in India: 76%
Total Wireless Subscribers: 919.17 M
Urban subscribers: 595.9 M (63.83%)
Rural Subscribers: 323.3 M (35.17%)
Banking penetration: 310 M
Remittance (% of GDP): 3.5%

8.
8
cash in option but if not, the application service provider needs to tie up with payment gateways and
banks on the other end if there has to be a high value transaction which needs to be made for a P2P
money transfer. This is mandatory for them in order to have a very high usability and interoperability.
Regulated Financial Institution 2009 2010 2011 2012
Foreign Banks 31 32 34 40
Private Banks 22 22 21 20
Nationalized Banks 20 20 20 20
SBI 7 7 6 6
Prepaid Payment Instrument Cos. 22
Business Correspondents 34532 60993 116548 128054
The other infrastructure factor that plays a vital role in the usage of mobile wallets is the category of smart
phone in possession with the user. As during the initiation phase if the mobile wallet application is
m-commerce volume y-
o-y growth: 36%
m-commerce volume:
US$8.5 billion
Card payments as
percentage of total
consumer payments: 5%
Smartphones sold as a
percentage of total
mobile phones: 8%
Share of mobile internet
subscriptions to mobile
telephone subscriptions:
3%

9.
9
designed which is compatible with iOS it may not have as many users if its initially made for Android.
Market Share of Smart Phone cos.
Despite being one of the world’s largest emerging economies, India's consumer market is one of the
weakest in terms of banking and telecom penetration levels in the world. More than 80% of all consumer
payment transactions are made in cash and not even half of the population fully uses traditional banking
service. However, according to Euromonitor data predicts that the total number of mobile phone
subscriptions will break the 1.0 billion barrier in 2014. Nearly three-fourths of the country’s households are
expected to own a mobile phone by then, making it the most accessible form of digital equipment. The
growth of mobile handsets, which besides improving communications can also ease financial services,
makes India’s m-commerce market one to watch.
M-Pesa, which is the m-payments poster child out of Kenya, was launched in parts of India in 2013.
Vodafone is operating the mobile money transfer service in India through a partnership with Vodafone
India and ICICI Bank, India’s largest private sector bank, after a successful trial. The service initially will be
available to more than 220 million people in India’s eastern region, including the Indian states of Bihar,
Jharkhand and West Bengal, and is expected to be introduced in stages in the forthcoming months. The
service is available to only Vodafone costumers, who will be able to sign up for the service by visiting one
of the 8,300 authorized M-PESA agents to fill out a form and provide address verification. Consumers will
be able to use the mobile wallet for cash deposits and withdrawals, money transfers to any mobile device
in India, airtime top-ups, bill payment services and pay for purchases at some stores via a text-based
system. In addition, the aspiring mobile payments system, Movida, is continuing its expansion across India.
The Movida mobile payment service, which is a joint venture between Visa Inc and the UK-based mobile
52%
13%
11%
9%
6%
4% 5%
Samsung
Apple
Nokia
Micromax
Sony Erricson
HTC
Others
The mobile wallet application providers or
builder needs to take into account the
compatibility of the application with different
platforms.
Ex.
 Android
 iOS
 Windows
The usage and the volume growth depends upon
the infrastructure in place which in this case is
Smart Phone category in possession with the
User
 Total No of Smart Phones users in India till date : 28Million
 India’s share of global market of Smart Phone users : 10.3%
 Smartphone proliferation Expected Growth by 2017 : 156Million
 CAGR: 53.6

10.
10
payments solution provider Monetize, has secured partnerships with two of the largest private sector
banks to offer these mobile services to its cardholders. Together, HDFC Bank and ICICI Bank issue 18% of
all cards in India, and specifically 44% of all credit cards in circulation, according to the latest figures
from Euromonitor. These tie-ups mean that Movida has the potential to reach a significant portion of the
population as these banks are well established among the Indian banked. India is an ideal environment for
mobile money due to the huge population, enormous uptake of mobile phones, the large number of
unbanked and underserved individuals and the vast rural areas that have very little access to traditional
banking and payment infrastructure. Even a modest conversion to mobile transfer and payments will help
India become the fourth largest m-commerce market in 2014.
Financial Services
Comparison of the electronic transaction types for a period from oct-’12 to Apr-‘13 for different modes of
payment:
Source: RBI Bulletins
Inferring from the above graph, the volume & value growth that has occurred over the period of three
consecutive quarters is highest in case of IMPS and mWallet which is a proof of concept about the
propensity of Indian consumer towards adopting new innovations in personal finance management at a
high level.
 IMPS transactions value has shown a 600% growth in value and 250% in volume of transactions.
Though in this case growth may seem to be goliath but since the growth is based on a small
baseline, it would appear huge in the beginning. But there is no denial to the growth potential of
this segment
 mWallet has shown a growth of 200% in value and 200% in volume. This marks a steady growth for
mWallet segment, and in terms of transaction volume a lot more increase is possible since it is
aimed towards capturing smaller wallets i.e. low value high volume transactions. This segment is
also poised to give a promising revenue growth in times to come.
The current Payment infrastructure in India majorly comprises of payment networks, banks, prepaid
payment instruments which consist of the entire payments landscape.

12.
12
Mobile Commerce Collaborations viability in India
The mobile commerce collaborations with merchants on the receiving end are some of the important
factors which contribute towards the growth and success of mWallet. The kind of merchants that sign up
for the mobile wallets are mostly MNO’s. Apart from them it has still not been a hit with the retail
segment due to the following reasons
 Lower transaction fees are beneficial to merchants, but model diminishes role of banks, mobile
operators (guys with marketing firepower), so a mobile wallet doesn’t score high on the popularity
chart unlike the other payment modules.
 Banks have no visibility in customer transactions, threat to money transfer business of banks
(customer education responsibility will fall on the players who are mostly startups or mid-size firms
with limited financial muscle)
 Limited uptake of services currently based on this model due to limited application areas (unlike in
US, with more power in wallet)
 Currently the payments are being made only to the online merchants and not to the offline brick
and mortar merchants through mobile wallets in India.
 In the online space the merchant has to register with the mobile wallet service providers who in
turn promote the merchants sites via promotions and discount offers on their website or home
pages.
 In India there is little or no acceptance of mobile wallet payments in retail stores due to lack of
infrastructure
 All mobile wallet payments are made for ecommerce or e-tailers and it has not evolved much for
retailing landscape in Indian context.
Regulations Landscape in Mobile Payments
There are basically four kind of prepaid payments instruments that has been authorized as per RBI
guidelines in India and two of them are applicable specifically for the mobile wallets
(i) Semi-Closed system payment instruments: These are payment instruments which are redeemable
at a group of clearly identified merchant locations/ establishments which contract specifically with
the issuer to accept the payment instrument. These instruments do not permit cash withdrawal or
redemption by the holder.
(ii) Semi-Open system payment instruments: These are payment instruments which can be used for
purchase of goods and services at any card accepting merchant locations (Point of sale terminals).
These instruments do not permit cash withdrawal or redemption by the holder.
Both the features permit a one way money movement i.e. only into the wallet and not vice-versa. For the
purpose withdrawal, it’s necessary for the wallet to be linked to a bank account, and money can be
withdrawn to a bank account only. Some of the key guidelines which govern this segment in India are:
 Only banks which have been permitted to provide Mobile Banking Transactions by the Reserve
Bank of India shall be permitted to launch mobile based prepaid payment instruments (mobile
wallets & mobile accounts)

13.
13
 Other entities would be permitted to issue only closed system prepaid payment instruments and
semi-closed system prepaid payment instruments, which is where players such as Mobiquik come
in.
 In case of transactions less than 1000 no KYC is required in case of semi-closed payment
instruments
 Semi-closed Prepaid payment instruments which permit only payment of utility bills/ essential
services up to a limit of Rs 10,000/- can be issued without any KYC being undertaken by the issuer.
 The Central Bank i.e. RBI doesn’t allow cashing out of money from mobile wallets expcept in case of
P2P trasfers, which is another cause of concern for value consious indian customer
Consumer Sentiment
Indian consumers are below average from a consumer readiness perspective. Familiarity with, and
willingness to use P2P payments is approximately the same. Willingness to use P2P payments tends to
skew male, higher income, and between the ages of 18 and 34. There tends to be less familiarity regarding
mobile payments at POS.
In India the urban Indian customer is the one who can use more services such as bill payments and
recharges, as depicted earlier in the document. The stats show that most of the mobile wallet expense is
based on the mobile transactions
More of the customer sentiment analysis can be gained from primary research.

14.
14
Gap Analysis
Lack of technological knowhow: A lack of technological knowhow amongst the Indian consumer and a
high risk factor involved makes the Indian consumer averse to usage of mobile wallets. Most of the Indian
consumers possess a basic mobile handset due to sky high prices of smart phones in India. But with the
prices of smart phones downgrading and coming within an affordable range India is seeing a high growth
in smartphone proliferation. This factor stands as the primary dependency factor for micro-location based
payments system.
Lack of enrichment of consumer experience: The current payment options available in India do not target
towards enriching consumer experience. They target more on the convenience factor. Technically speaking
this is the place where the focus should be but with the ocean no longer being blue, in a red ocean the
differentiators have an edge. These differentiators will not only acquire new customer but would be able
to retain them, because they stand apart from the clutter. So a focus on enrichment of consumer
experience would help a merchant to lay more stress on how they connect with a consumer when and
where the consumer wants, whether it is in the store or while they are sitting on a couch considering their
next purchase.
This gap can be addressed in from depicted below for a mobile wallet platform through a focus on the
following broad factors which have been covered by some of the mWallets in some or the other manner
but not all inclusive.
Opportunity
Manage loyalty
Geo Location Discounts and redemption
Comparision Shopping
Read product reviews
Faster Transaction Times, least no. of taps
Check Account Balanaces if its connected to a bank a/c

15.
15
In India, the smartphone penetration is 8% however the growth rate is the 2nd fastest across the world.
Mobile App Usage by Indian customer: Amongst the smartphone users the number of people who use
applications, be it for payments or games or any other purpose has the breakdown
Most popular service used by urban Indian customer through his mobile wallet via usage of apps:
Mobile Recharge
Appers
• The people who use apps
for almost everything
• Sit on the top of pyramid;
Tech Savvy
• The primary users of
mobile wallets
App Ready
• Those who have the Do it
for me philosophy this
segment doesnt use apps
unless trained or advised
on one
UnApped
• No education about the
apps
Source: Samsung Mobile survey
The market share of Telcos
underlines the fact that for mobile
wallets, the most popular category
of merchants is the pre-paid mobile
segment of the Telcos. Hence during
the inception phase a tie up with
Telcos for the recharges and money
transfers would be mandatory for
churning out a good revenue
The Appers segment are the most frequent
apps users for doing mobile recharges for pre-
paid mobile phones, so the greatest share of
revenue for all mobile wallet service providers
comes via tie up with Telcos. In addition the
sub segment in this category is pre-paid
mobile recharge.
Market Share of the Telcos (Pre-Paid)

17.
17
Competition Analysis
Two major service providers in this scenario are non bank mobile wallet facility and bank based mobile
wallet facility
Non Bank Based mobile Wallet Bank based mobile wallet
Used by people not having a proper bank account.
It is basically a remittance service working in
Immediate payment service mode on platforms
such as NPCI
Has to tie up with major banks viz. all major Indian
banks. Cash can be loaded from debit credit or net-
banking services
It is used to transfer money from one particular
kind of account to same kind of mobile wallet for
remittance
It is used primarily for payment of bills and other
accessing other value added services via mobile
The tie ups can be of three types in this case from
a given mobile wallet to any beneficiary bank
account, mobile wallet to bank account via mobile
number of beneficiary, from one mobile wallet to
other.
Only the tie up with major banks required for
loading cash into the wallet. No beneficiary
transfer to bank accounts, but over the counter
cashing is done, whereas over the counter cash
loading is not done
Have all kinds of money transfers allowed ranging
from 10,000 to 50,000 since a payment platform is
there.
Only limited amount of cash loading is allowed as
in the non bank based mobile wallet, but for
account transfers up to 50,000 of transfers are
allowed.
Purchasing is also allowed from the wallet from
any store via a text based system (only in case of
M-Pesa, Movida)
No such system in place, only online shopping can
be done.
Ex: Oxycash, M-Pesa(also allows salary payments
to mobile),
Ex. Airtel Money, IMPS(works with NPCI platform,
valid only for remittances), mRupee (funds transfer
visa ICICI bank)

18.
18
A comparative analysis of Mobile wallets on some key parameters (based on data availability)
Prepaid Solution Subscriber base Tie up with banks Market presence
City/Merchant
Outlets/ Merchant
Brands(nos.)
APRU ( )*
Airtel Money 42% customer
market share of the
prepaid payments
instruments
All major banks
with credit debit
and net banking
facilities
800/7000/1800 276
My Mobile
Payments (Money
On Mobile)
75 Million All major banks
with credit debit
and net banking
facilities
200/36000 157
Mobiquik 4 Million All major banks
with credit debit
and net banking
facilities
Metros/0/150 N.A.
OxyCash The entire network
knit with NPCI
All major banks
with credit debit
and net banking
facilities
Operating through
SBI in Rural India
N.A.
*ARPU is not a function of subscriber base but a function of the number of users actually using the service
A sneak peek on the presence of mobile wallets in India
Movida
Mobile Money
Offering by
HDFC +
VISA/Monetize
JV Launched:
February 2012
 HDFC customers are able to recharge their mobile phone airtime, pay bills
and book movie tickets from their mobile phone Movida has been designed
to operate across all mobile networks using any Visa or non-Visa branded
payment account and it can be accessed by even the most basic handsets
 HDFC debit and credit card holders can pay bills, buy air or rail tickets from
their mobile phone
 Movida first in rolled out its service to selected number of customers
followed by a mass roll-out towards the end of the year

20.
20
 Offers the basics of m-wallet but also allows customers to transfer
money via SMS. Benefits of the LOOP mobile wallet includeL
 Sending money to any Mobile number anywhere in India across all
networks
o Recharging any prepaid mobile number
o Paying bills
 Online shopping
 Free service but paying 1% when money is transferred to a bank
account
Loop Mobile
Loop Mobile in
partnership with
Zipcash
 State Bank Mobicash is a pre-paid mobile wallet solution targeting
the unbanked segment of the market. These services offer
customers (both SBI and non-SBI account holders) to load cash
onto their mobile phones and make payment to any designated
affiliates and appointed network of merchants.
 A onetime fee of INR 60 ($1.20) is charged to customers registering
for Mobicash with a minimum opening deposit of INR200
 Pilot currently in New Delhi and Mumbai. If successful will extend
throughout country, starting with major Indian cities
 Oxigen will provide mobile based front end application and
transaction processing platform and SMF will bring in Customer
Service points which will be the delivery points for opening a
mobicash account, cash-in/cash out services, etc.
 Benefits to Wallet Holder: Banking Facilities beyond Banking Hours
 Withdrawal of cash from a prepaid account at Customer Service
Point
 Person to Person (P2P) domestic money transfers (Remittances)
 Payment of utility bills –electricity bills, telephone bills, etc.
 Top-up of pre-paid services such as prepaid mobile, DTH, etc.
 SBI currently has around 6-7 Million customers using its existing
mobile banking service
State Bank of
India
Mobile Money
Wallet by State
Bank MobiCash
Official Launch:
January 2012

21.
21
In The Pipeline (Mobile Wallets)
Paytm
Paytm: The Company plans to use its subscriber base data garnered from the mobile recharge segment in
order to leverage its mobile wallet platform. It was primarily used for mobile recharges from the internet
or mobile in the past. The following parameters would be considered for launching of the mobile wallet
 Total number of active users (and monthly trends, if possible)
 Total transacting users (and monthly trends, if possible)
 Total number of transactions (and monthly trends, if possible)
 Total amount transacted (and monthly trends, if possible)
 Number of wallet users at the end of December 2013
 Active wallet users in December 2013
 Total wallet transactions in December 2013
 Amount transacted by wallet users in December 2013
 Inactive wallet users that have been inactive for 6 months
 Unused balance in inactive wallets
GoiBibo PayU
The iBibo group also owns online marketplace Tradus and payment gateway PayU. There might be an
opportunity for PayU to apply for a prepaid semi-closed payment license to allow wallet based payments
not just on Ibibo owned sites, but also across the web. Competition is heating up in that space, with
businesses like Paytm, Mobikwik and even Reliance Jio’s Rpay payment solution getting licenses.
FlipKart
Flipkart has applied for, but not yet been able to get a license for its Payzippy prepaid card service. They
had to do this when they shifted from a direct to consumer ecommerce business to a marketplace model,
because vendors (who were distributing to Flipkart), became “sellers”, and Flipkart became more of a
conduit than a seller, they could not allow third party payments without a semi closed prepaid wallet
system, as per RBI regulations. Theirs is a case of a marketplace trying to build a wallet (Payzippy), as
opposed to what Mobikwik and Paytm can do, which is, build a marketplace around a wallet.

22.
22
Recommendations:
 Non-refundable mobile wallets can only be operated as per RBI regulations (except in P2P
transactions)
 RBI mandate doesn’t allow cash out from mobile wallets except in case of P2P transfers
 In-store Retail payments for brick and mortar shops can’t be made using mobile wallets due to a
lack of infrastructure even in metros .
 Micro-location based application must be android compatible as the highest number of users of
Smart phones in India have Android phone. This would give economies of scale.
 Initial tie up has to be made with telecom companies with Airtel in particular as it has the
maximum share of subscribers
 A facility of P2P transfer will help in getting higher economies of scale; this in turn would mean a tie
up with a banking correspondent, which might be a Telco.
 In all the above cases, for a mobile wallet to operate an escrow account needs to be
opened/operated.
 The major cities where the users are more adaptive to mobile wallets are Bangalore, Pune, Delhi,
and Mumbai. So an initial launch needs to cover these four cities
 An online platform (website) is needed to facilitate easy loading of cash from online banking into
the mobile wallet and consequently also making it convenient for merchant to register.
 Enrichment of consumer experience, this has not been the focus segment for any of the mobile
wallets, which could be in terms of product comparisons from two different merchants or in terms
of geo-location discount coupons.
 Some of the players such as HotRemit who have started the platform for mobile wallets but they
use Blackberry PIN as the identification number, but this product has not fared well in India due to
infrastructure and compatibility issues since it could be used only with a Blackberry device. It also
has coupon management feature which is one of the enhancement feature for a mobile wallet.
 In the next phase of the product proliferation the target cities could be ones in which there are a
high number of people using a 2G or a 3G network, or the cities that have been seeing a constant
growth in the number of users in the 2G or 3G networks.